4/20 DOGE Day! Once Again Dogecoin Breaks the Internet
After fans announced April 20th Doge-Day on social media with the aim of pushing the digital currency’s value to new heights, all dogecoin in circulation are now worth more than $50 billion.
On Monday, a cryptocurrency that started out as a joke erupted into Wall Street, with a spike in dogecoin sending its 2021 return past 8,100%.
To add more fuel to the craze, Social media users also linked Doge Day and Weed Day, which is celebrated on April 20 by marijuana smokers.
Users on social media platforms Reddit and Twitter are pushing for the move in the hopes of making an impact similar to the previous social media event in which a Reddit user raised the stock market value of GameStop.
The adoption of bitcoin and other cryptocurrencies by businesses and mainstream investors has boosted Dogecoin’s popularity this year.
The price of a single dogecoin doubled last week after Tesla (TSLA) CEO Elon Musk, its most vocal supporter, tweeted “Doge Barking at the Moon.” He also posted a picture of a painting titled “Dog Barking at the moon”by Spanish artist Joan Miró.
However, there are a few obstacles in the way of Dogecoin’s rise to $1.00. For instance, few merchants consider DOGE as payment outside of Cuban’s Dallas Mavericks. Although this didn’t deter Bitcoin, which had few takers until a few years ago, Dogecoin still has no supply cap, so it’s not exactly uncommon.
Furthermore, about 10,000 new coins are made every minute; in order for the value to remain stable, people must buy as many DOGE as possible at the current price or higher.
As of writing, dogecoin Price was trading at $0.387413.
